WASHINGTON – United States job openings unexpectedly cooled in May for a second month, signaling a pause in demand for workers ahead of a surge in June payrolls growth that indicates a still-robust American labor market.
The number of positions waiting to be filled were little changed in May at 7.32 million after a revised 7.37 million a month earlier, according to the Labor Department’s Job Openings and Labor Turnover Survey, or JOLTS, released Tuesday. The quits rate held at 2.3% for an 11th straight month in May, matching the highest since 2005 and suggesting workers are confident about their ability to find a job.
Key insights
- Total vacancies exceeded the number of unemployed Americans by 1.44 million.
- Labor Department figures released last week show U.S. employers added 224,000 jobs in June, rebounding from May’s disappointing 72,000 gain.
- While May job openings cooled, the positive June hiring report shows the economy may not be slowing as much as previous data suggest and reduces pressure for a Federal Reserve rate cut at the July meeting.
- The number of people quitting was little changed at 3.4 million, with quits in the private sector falling 117,000 and those in government rising 25,000.
Northeast job data:
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- There were 1.3 million job openings in the region in May, a 5.1% increase year over year
- Quits totaled 486,000 in the region in May, a 2.1% increase year over year. The quits rate was unchanged year over year at 1.7% for the month
- There were 950,000 total hires in the Northeast in May, a 3.9% bump from May 2018.
- Meanwhile, there were 350,000 layoffs in the region in May, a 17.4% rise from one year prior.
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- U.S. hiring dropped to 5.73 million while separations also declined, to 5.5 million.
- The number of total national hires eased reflecting fewer additions in professional and business services, health care and leisure and hospitality.
- Openings declined in all regions but the Northeast
- Although it lags a month behind other Labor Department data, the JOLTS report adds context to monthly employment figures by measuring dynamics such as resignations, help-wanted ads and hiring
Ryan Haar is a reporter for Bloomberg News. PBN contributed to this article.
